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INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2020
INTANGIBLE ASSETS [Abstract]  
Intangible Assets, Net

Intangible assets, net are as follows:

September 30, 2020
 
Useful Lives (Years)
 
Gross
Carrying Amount
 
Accumulated
Amortization
 
Net
Carrying Amount
Trade names
  
8-10 years
 
$
923,000
 
$
(418,068)
 
$
504,932
Customer relationships
  
4-10 years
  
883,000
  
(420,635)
  
462,365
Patents
  
10 years
  
359,665
  
(76,650)
  
283,015
Non-compete
  
4 years
  
174,000
  
(77,938)
  
96,062
Intangible assets, net
    
$
2,339,665
 
$
(993,291)
 
$
1,346,374

December 31, 2019
 
Useful Lives (Years)
 
Gross
Carrying Amount
 
Accumulated
Amortization
 
Net
Carrying Amount
Trade names
  
8-10 years
 
 $
993,000
  
(354,203)
 
 $
638,797
Customer relationships
  
4-10 years
  
1,228,000
  
(293,260)
  
934,740
Patents
  
10 years
  
270,250
  
(49,027)
  
221,223
Non-compete
  
4 years
  
174,000
  
(45,313)
  
128,687
Intangible assets, net
    
$
2,665,250
 
$
(741,803)
 
$
1,923,447

Future Annual Estimated Amortization Expense
Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to approximately $0.3 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively. Future annual estimated amortization expense is as follows:

Years ending December 31,
  
2020 (remaining three months)
$
98,023
2021
 
385,091
2022
 
369,706
2023
 
130,841
2024
 
130,841
Thereafter
 
231,872
Total
$
1,346,374